Business, 22.06.2021 17:10, lkmarus

Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $159,000 due on December 31 of each year beginning December 31, 2021. The present value of the lease payments is $1,006,192. Francisco's incremental borrowing rate is 14% for this type of lease. The implicit rate of 12% is known by the lessee. What should be the balance in Francisco lease liability at December 31, 2022

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Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual...